A Financial Free Zone for Nicaragua

The private sector is questioning the proposal to amend the legislation to create an international financial trade zone to provide financial services "extraterritorially".

Tuesday, May 5, 2015

With this long-term project the aim is to modernize legislation "... to make it the same as it is in other countries in order to attract FDI in higher value-added processes," informed authorities at the Agency for Promotion of Investments and Exports of Nicaragua. However, several sectors in the country are opposed to it, arguing that it would create unfair competition for banks and would only create a "tax haven".

Juan Carlos Arguello, president of the Association of Private Banks of Nicaragua, said "... If the government wants to create an International Financial Trade Zone, this should not represent unfair competition for domestic banks. 'This is another thing that we have to be very careful about. It is imperative that there is not unfair competition, not only for the financial welfare of the banks and private institutions but for the financial system '. "

The president of the Superior Council of Private Enterprise, coincided with Arguello ... "What we will guarantee is that the position of the private sector is heard and incorporated and on the other hand what we do share fully is that there can not be any type of unfair competition" ... He added that "... There can be any situation that undermines what the country has achieved in preventing money laundering. "



More on this topic

El Salvador: Unfair Trade

October 2015

A draft Law on Trade Defence establishes mechanisms to protect and defend the industry against unfair trade practices.

The bill, prepared jointly by the private sector and the government, will be presented on Tuesday, Oct. 13 at the Legislative Assembly. The aim of the law is to regulate actions such as massive imports in some sectors that could result in unfair practices.

Nicaragua: Reform to Law on Free Zones

May 2015

The project aims to create a free trade zone which will offer offshore financial services and related economic activities.

The Nicaraguan government's proposal to create a free trade zone to provide tax incentives to attract financial sector companies and to exported services from there has raised doubts in some quarters, with accusations being made that the bill evokes the concept of a tax haven.

Increasing the Attractiveness of Investing in Panama Pacifico

October 2014

The government is promoting a bill that will modernize the tax status of high-value services and the movement of goods from the zone to other countries.

From the preamble to the draft submitted to the National Assembly of Panama:

Law 41 of July 20, 2004, created the Panama-Pacific Special Economic Area as a scheme for legal matters, tax, customs, labor, immigration and special business, oriented towards encouraging and promoting investment, job creation and to make the Republic of Panama more competitive in the global economy.

Free Trade Zone Reform in Guatemala

August 2010

If proposed reforms are approved, the country should find it easier to attract foreign investment.

The reform to the Free Trade Zone law is expected to be approved by the end of the year, stated congressman Mariano Rayo.

"This initiative seeks to create conditions favorable to encouraging investment.

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